While the number of houses granted planning permission in 2022 rose by 4.4% to 17,454, apartment permissions fell by 36% to 16,723 unitsThe impact of higher interest rates on homebuilding here is difficult to pinpoint precisely, not least because there are a number of factors affecting cost and viability, but we got a strong signal on Friday with planning permissions for 2022 down sharply on the previous year.
While the number of houses granted planning permission in 2022 rose by 4.4 per cent to 17,454, apartment permissions fell by 36 per cent to 16,723 units. In the final quarter of last year, which coincided with the steepest interest rate hikes to date by the European Central Bank, planning permissions contracted by 44 per cent to 7,597 units compared with 13,450 units in the same quarter in the previous year.
During the three-month period planning permissions for apartments fell by 54 per cent while permissions for houses declined by 28 per cent.
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